Introduction

Abstract

This book can be read in two ways, either as a theoretical analysis of the patterns of technical change in modern economies with an illustrative case study on semiconductors, or, conversely, as an industry study with long (and unorthodox) theoretical premises. It has been written in a somewhat modular form so that both the theoretical parts and the empirical investigation are relatively self-contained. Both topics bear a major relevance. The semiconductor industry is at the core of the ‘microelectronics revolution’, whose impact on the structure of industry and the broader social environment can be compared to that of the fundamental technological innovations which marked an epoch of modern history such as the steam engine or electricity. Technical change, in general, is one of the fundamental engines of economic growth and structural transformation in modern societies.